OKX and ICE Set November 23 Launch for 24/7 Tokenized US Stock Trading
Key Takeaways
- •OKXICE, a joint venture between Intercontinental Exchange and OKX, expects to begin round-the-clock trading of tokenized U.S. stocks and ETFs on November 23 with more than 70 assets offered under the SEC's Innovation Exemption.
- •The opening roster features 59 Direxion ETFs and crypto-linked stocks including Coinbase, Circle, Robinhood, and Strategy, replacing the original proposal that named major companies such as Apple, Nvidia, and JPMorgan.
- •A total of 67 companies, including Meta, Wells Fargo, and S&P Global, have objected to the plan, citing potential effects on share prices, liquidity, and volatility along with uncertainty about on-chain benefits.
- •Tokens will represent security entitlements backed one-to-one by underlying U.S. shares, with Securitize supplying the tokenization infrastructure and holders receiving shareholder benefits such as dividends and voting rights.
- •Nasdaq is pursuing a separate tokenization route through its Nasdaq Equity Token framework, while JPMorgan and Goldman Sachs have raised objections despite neither bank moving to tokenize its own shares.
Intercontinental Exchange, the parent company of the New York Stock Exchange, and cryptocurrency exchange OKX plan to launch round-the-clock trading of tokenized U.S. stocks and ETFs on November 23. Continuous availability would set tokenized stock trading apart from the regular U.S. equities market, where sessions on exchanges such as the NYSE run weekdays from 9:30 a.m. to 4:00 p.m. ET, and bring it closer to the always-on operation of crypto markets. Their joint venture, OKXICE, expects to offer more than 70 assets under the U.S. Securities and Exchange Commission's Innovation Exemption, despite objections from 67 companies. The initial lineup centers on crypto-linked businesses and funds rather than major corporate names.
Launch Lineup Centers on ETFs and Crypto-Linked Stocks
OKXICE expects trading to begin on November 23, though not every planned asset will be available on day one. The offering includes 59 ETFs from Direxion. The stock lineup comprises Coinbase, Circle, Robinhood, BitGo, Better.com, Securitize, and Strategy, along with Strategy preferred shares.
Better.com's crypto connection stems from its partnership with Coinbase on crypto-backed mortgages. An OKXICE spokesperson said additional issuers and assets would follow, leaving room for the roster to grow beyond its initial crypto-linked base.
The roster differs from the original proposal, which named Apple, Nvidia, Amazon, Walmart, McDonald's, and JPMorgan. Of the 62 companies initially listed, 56 objected. The total number of objectors has since reached 67, including Meta, Wells Fargo, and S&P Global. The companies cited potential effects on share prices, liquidity, and volatility, as well as uncertainty about on-chain benefits.
Token Holders Receive Shareholder Rights
Under the structure, tokens will represent security entitlements backed one-to-one by the underlying U.S. shares, with Securitize providing the tokenization infrastructure. The SEC exemption requires that holders receive shareholder benefits, including dividends and voting rights, keeping token holders aligned with conventional share ownership on both economics and governance.
Circle Chief Commercial Officer Kash Razzaghi said investors want continuous access and clear rules. OKXICE will initially serve eligible U.S.-based customers through the OKX app, and users must complete identity and eligibility checks before they can trade.
Major Companies Pursue Different Tokenization Models
The corporate objections do not amount to a wholesale rejection of tokenization. Nasdaq is pursuing a separate approach through its Nasdaq Equity Token framework, bringing listed shares into the regulated equities market.
JPMorgan said it remains encouraged by the technology but opted out of OKXICE "at this stage." Goldman Sachs also objected, even though it already tokenizes bonds and money market funds. Neither bank has moved to tokenize its own shares.
Other venues, including TSV LLC and the Solana-based Formation Securities, are preparing for or already operating under the SEC exemption. As with OKXICE's initial issuers, their early participants have crypto connections. How quickly these venues and OKXICE add issuers beyond crypto-linked names will offer a view of how broadly the exemption model reaches major corporate listings.
